How Much Does it Cost to Buy an House in Sydney?
Buying a house in Sydney can be a tiring process that could cost you more if not done with proper research. If you are new and have no clue about real estate pricing, you may pay extra for a lesser-priced property. Therefore, you need to choose efficient business consultants who can help you throughout the process.
When buying a property, you will need to consider these factors like taxes, inspections, stamp duty, and more which determine the actual property cost. However, do remember that property’s cost is much higher than what is usually mentioned on the sheet.
What Should be The Cost of Buying a Property in Sydney?
Aspiring Sydney residents are often confused about how and where to begin the property hunt in the city. You can come across many properties while meeting realtors of all types. But making a final decision is always tough, especially considering how the cost of living in Sydney can vary depending on the area.
Also, buyers should note that the average property price in Sydney keeps fluctuating every year.
Median Property Prices in Sydney in 2019
It’s 2022, and buying property in Sydney is a pretty expensive affair. Almost three years ago, the median price of a property in Sydney was over $1,100,000. The cost of the property, however, depends on the property’s size, location, and neighborhood.
Average Cost of Property in Sydney Today
The average cost of buying a property in Sydney can range anywhere between $500,000 to $2,000,000. However, the property price would vary significantly depending on many factors. For instance, the property will be the costliest in the city center.
Furthermore, the cost would increase further if you move towards the West and the inland side. However, In the inner suburbs, the lower would be the price while it could be significantly higher if you are in the business district.
Cost of Property in Areas around Sydney
Knowing the cost of property in Sydney is a must before making a purchase. Some of the most happening neighborhoods around Sydney include Merrylands, Homebush, Liverpool, Belmore, Parramatta, and Campbelltown
You can choose a neighborhood of your convenience and purchase the property. Given below are the details of the average cost of buying a property in Sydney:
- The price for properties in Sydney’s Bexley and Beverly Hills is around $1,200,000.
- The Northern neighborhood of Sydney includes areas like Campsie, Greenacre, and Lakemba. The price of the property in these regions is around $900,000.
- The cost of a property in Oatley, NSW, is around $1.6 million.
What Are the Costs Involved in Buying a Property in Sydney?
Some of the common costs involved in buying a property in Sydney include the following:
1. NSW Stamp Duty
Stamp duty is applicable on all property purchases. The Stamp duty depends on the cost of the property, meaning the higher the property cost, the higher the stamp duty will be.
2. Conveyancing and Legal Fees
As a buyer, you need to transfer the legal title of the property from the actual owner to the purchaser. You will need the help of a lawyer or conveyancer for the transfer, meaning more additional expenses.
3. NSW Property Taxes
Individuals looking forward to buying a property must pay the property taxes on time. The property taxes are levied on:
- Holiday home
- Commercial property
- Vacant land
You will not need to pay property tax on the house you are living in. If you plan to live on your property, you will be exempted from the annual property taxes. However, if you plan to run a business on your property or rent it, you will also need to pay a Land Tax.
Tips to Follow When Buying a Property in Sydney
Whether you’re buying a property or investing in one in Sydney, the following tips could make your decision a bit simpler:
- Building and pest inspection
Building and pest inspection is a must before you sign the contract. You need to do research from the initial stage as this will help you determine if the property is worth it or not.
- Contract
Your solicitor or conveyancer is responsible for helping you build the contract. Make sure to go through the agreement before negotiating the deal. Depending on the information, you can reach out to the vendors to determine the length of settlement and deposit amount.
- Renovations are expensive
If you’re buying a property in Sydney, you need to know that renovations are slightly expensive. Before purchasing a property, you need to know the area and what the renovation cost will be around you. Make sure to do calculations in the initial stages itself.
Conclusion
Indeed, the cost of buying a property in Sydney varies on different factors. To not only understand them but to make the best decision, you should take professional advice.
And if you are looking for expert opinions on what needs to be done before investing in a property? Connect with our Quarter Acre experienced professionals that can help you make the right decision around any house purchase.
